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A and B are painters and have the exact same cost structures except that A paints in a house he owns but that he could rent out for $4,000/year, while B paints in a house that he rents from Ithaca Realty for $4,000/year. Both A and B would become photographers and earn salaries of $50,000/year if they quit painting for themselves. Assume that the painting business is a perfectly competitive industry. Which one of the following is true?
A. A earns more accounting profit and more economic profit than B does.
B. A earns the same accounting profit and more economic profit as B does.
C. A earns the same accounting profit and the same economic profit as B does.
D. A earns more accounting profit and the same economic profit as B does.
E. A earns less accounting profit and less economic profit than B does.
Net domestic product (NDP) typically only accounts for depreciation of physical capital. However, there are three broad types of capital: physical, human, and natural. Should depreciation of the other two types of capital also be counted? Explain, pr..
there is an incumbent monopoly in a market. A potential entrant may enter. Draw the game tree describing the situation?
A country has only two inputs K and L and produces two goods X & Y. It is endowed with 30 units of L and 15 units of K. Industry X is endowed with 25 units of L and 5 units of K and industry Y has the rest of L and K. This is an inefficient allocatio..
For each of the following cases, find the future value at the end of the deposit period at the given nominal interest rate. For the following mixed stream of cash flows, determine the future value at the end of the final year if deposits are made at ..
do you think the price of crude oil has produced an upward or downward supply shock, or neither? How can you tell? Looking at historical data, when did the most recent oil-related supply shocks occur?
Elucidate how if at all among the following events affects the location of a country's production possibilities curve.
Explain what each of the estimated coefficients means that is interpret the results. Explain. Are each of the estimated coefficients statistically significant at the 5% level of significance? Explain Completely.
What are the factors that would influence the Federal Reserve in adjusting the discount rate? How does the discount rate affect the decisions of banks in setting their specific interest rates? How does monetary policy aim to avoid inflation?
What situation gives rise to a surplus?
Suppose the demand for a movie ticket can be written as: If the cinema can offer tickets to a movie at zero marginal cost and can verify the purchaser’s age, what prices will be charged?
1.consider a macroeconomy was initially at equilibrium level of real gdp. using an aggregate demand and aggregate
American (domestic) current event, firm, or market. Foreign (outside of the U.S.) current event, firm, or market. Favorite Case Study from the Modules Forum. How has this course changed your thinking about the economy & your own economic approach t..
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